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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Loss before Income Tax, Domestic and Foreign | A reconciliation of loss before income taxes for domestic and foreign locations for the years ended December 31, 2025, 2024 and 2023 (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
United States | $ | (8,244) |  |  | $ | (130,372) |  |  | $ | (255,653) |
Foreign | (6,726) |  |  | (9,020) |  |  | (3,374) |
Loss before income taxes | $ | (14,970) |  |  | $ | (139,392) |  |  | $ | (259,027) |
Schedule of Components of Income Tax Expense | A reconciliation of provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current tax provision: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 273 |  |  | — |  |  | — |
Foreign | 844 |  |  | 799 |  |  | 3,113 |
Total current | 1,117 |  |  | 799 |  |  | 3,113 |
Deferred tax provision: |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Foreign | 54 |  |  | (152) |  |  | — |
Total deferred | 54 |  |  | (152) |  |  | — |
Provision for income taxes | $ | 1,171 |  |  | $ | 647 |  |  | $ | 3,113 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands)(1):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Tax U.S. federal statutory rate | $ | (3,144) |  | 21.0 | % |  | $ | (29,272) |  | 21.0 | % |  | $ | (54,396) |  | 21.0 | %
State and local income tax, net of federal income tax effect(2) | 836 |  | (5.6) | % |  | (11,367) |  | 8.2 | % |  | 1,512 |  | (0.6) | %
Foreign tax effects |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |
Statutory tax rate differential | (319) |  | 2.1 | % |  | (389) |  | 0.3 | % |  | (160) |  | 0.1 | %
Change in valuation allowances | 2,071 |  | (13.8) | % |  | 2,427 |  | (1.7) | % |  | 999 |  | (0.4) | %
Other | (77) |  | 0.5 | % |  | — |  | — | % |  | — |  | — | %
China | 402 |  | (2.7) | % |  | 500 |  | (0.4) | % |  | 3,000 |  | (1.2) | %
Other | 233 |  | (1.6) | % |  | — |  | — | % |  | (6) |  | — | %
Tax credits | (1,288) |  | 8.6 | % |  | (804) |  | 0.6 | % |  | (4,763) |  | 1.8 | %
Change in valuation allowances | (3,145) |  | 21.1 | % |  | 37,731 |  | (27.1) | % |  | 52,716 |  | (20.2) | %
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Sec. 162(m) limitation | 1,426 |  | (9.5) | % |  | 633 |  | (0.5) | % |  | 3,386 |  | (1.3) | %
Stock-based compensation | 3,197 |  | (21.4) | % |  | (185) |  | 0.1 | % |  | 1,787 |  | (0.7) | %
Other | 857 |  | (5.7) | % |  | 654 |  | (0.5) | % |  | (95) |  | — | %
Other adjustments | 122 |  | (0.8) | % |  | 719 |  | (0.5) | % |  | (867) |  | 0.3 | %
Provision for income taxes | $ | 1,171 |  | (7.8) | % |  | $ | 647 |  | (0.5) | % |  | $ | 3,113 |  | (1.2) | %
(1) The prior years included in the effective tax rate table have been recast from the financial statements filed previously to align with the new presentation created through adherence to ASU 2023-09. Consideration has only been given to 2025 amounts in terms of the balances that are separately stated within the table. (2) The states and local jurisdictions that contribute to a majority (greater than 50%) of the tax effect in this category include Texas, California and New York based on the distribution of sales and the current year state income tax obligations.
Schedule of Deferred Tax Assets and Liabilities | The components deferred tax assets and liabilities were as follows (in thousands):
| December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 180,809 |  |  | $ | 171,681 |
Intangibles | 1,958 |  |  | 1,400 |
Research and development tax credits | 15,698 |  |  | 14,944 |
Research and expenditure capitalization | 23,848 |  |  | 36,255 |
Accruals and reserves | 25,226 |  |  | 16,085 |
Lease liability | 1,413 |  |  | 837 |
Stock-based compensation | 7,744 |  |  | 15,761 |
Gross deferred tax assets | 256,696 |  |  | 256,963 |
Less valuation allowance | (255,482) |  |  | (256,270) |
Net deferred tax assets | 1,214 |  |  | 693 |
Deferred tax liabilities: |  |  |
Property and equipment | — |  |  | (58) |
Right-of-use asset | (1,110) |  |  | (483) |
Gross deferred tax liabilities | (1,110) |  |  | (541) |
Total net deferred tax assets | $ | 104 |  |  | $ | 152 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the unrecognized tax benefits (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 42,286 |  |  | $ | 41,390 |  |  | $ | 42,505 |
Increases related to tax positions taken during a prior year | 403 |  |  | — |  |  | — |
Decreases related to tax positions taken during a prior year | (91) |  |  | (131) |  |  | (3,097) |
Increases related to tax positions taken during the current year | 784 |  |  | 1,027 |  |  | 1,982 |
Ending balance | $ | 43,382 |  |  | $ | 42,286 |  |  | $ | 41,390 |

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